Zetrix, the layer-1 public blockchain platform owned by MY E.G. Services Berhad (MYEG), and Web3Labs Hong Kong, a prominent Web3 development and investment entity, have jointly unveiled the Zetrix Global Accelerator Program. This initiative, introduced on Monday, is designed to nurture and incubate promising Web3 startups from around the globe, leveraging support from Hong Kong’s progressive Virtual Asset (VA) ecosystem.
Unveiling the Global Accelerator Program
The Zetrix Global Accelerator Program is set to commence its application process in early March 2024. MYEG has announced that successful applicants will be revealed during the 2024 Hong Kong Web3 Festival scheduled for April 6 to 9, 2024.
Identifying and Supporting Promising Ventures
With an objective to identify and support up to 10 promising startups, the six-month accelerator program seeks projects that demonstrate product-market maturity and possess an innovative development pipeline. Successful applicants will have the opportunity to leverage the Zetrix platform and collaborate with government or enterprise stakeholders to build and deploy their innovative applications.
Addressing Industry Challenges
The program aims to address common industry challenges faced by public blockchains seeking widespread adoption. Specifically, it focuses on industries like real-world asset (RWA) tokenization, security token offerings, and stablecoin innovation. These sectors beckon blockchain-based innovation in the city-state, and the program aims to introduce use cases in RWA, environmental, social, and governance (ESG), and blockchain-based finance.
Strategic Collaboration for Blockchain Infrastructure
The launch of the accelerator program follows the strategic collaboration announced in January, where Zetrix, Web3Labs, and venture capital firm Summer Capital joined forces to establish Zetrix as the preferred blockchain infrastructure for Hong Kong government-aligned applications.
A Multifaceted Approach
The Zetrix Global Accelerator Program, developed in collaboration with Web3Labs, offers mentorship, technical support, and access to funding opportunities for promising entrepreneurs. It focuses on contributing to Hong Kong’s Web3 landscape and benefiting users globally.
Commendations from Key Figures
Key figures, including Johnny Ng, a member of the Chinese People’s Political Consultative Conference (CPPCC) and Legislative Council member of Hong Kong Special Administrative Region (HKSAR), commend the launch of the program. They emphasize that this initiative solidifies Hong Kong’s position as a progressive international financial center embracing Web3 developments.
Collaborative Efforts for Regulatory Approval
The partners involved, including Zetrix, Web3Labs, and Summer Capital, are actively working towards securing regulatory approval for exchange-traded funds (ETFs) backed by tokens issued by participants in the program.
A Vision for a Flourishing Web3 Ecosystem
TS Wong, Co-founder of Zetrix, expresses excitement about collaborating with esteemed partners and emphasizes their commitment to nurturing a flourishing Web3 ecosystem. Wong highlights the program’s alignment with Zetrix’s vision and its role as the preferred Layer-1 platform for blockchain applications in line with the Web3 vision of the Hong Kong government.
Technical Support and Comprehensive Infrastructure
Zetrix, as a layer-1 public blockchain, offers comprehensive technical support to participating projects, including expertise in smart contract development and security audits. The platform facilitates smart contracts while prioritizing privacy, security, and scalability.
Web3Labs’ Mission and Impact
Web3Labs, dedicated to responding to the policy statement from the HKSAR Government on the development of virtual assets in Hong Kong, supports global Web3 companies in establishing their presence in Hong Kong. Through on-the-ground support, investment acceleration, technical collaborations, and compliance assistance, Web3Labs aims to create a one-stop gateway for Web3 entrepreneurs.
In conclusion, the Zetrix Global Accelerator Program marks a significant step in fostering innovation and collaboration within the Web3 space. As startups globally look to contribute to the Web3 landscape, this initiative, backed by Zetrix and Web3Labs, is poised to play a pivotal role in shaping the future of blockchain technology in Hong Kong and beyond.
